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by Will Purcell
The diamond and specialty minerals stocks box score on Friday was a weak 82-110-108 as the TSX Venture Exchange fell five points to 876. Rough diamond prices continue to inch lower from their post-COVID rebound high. This week's 0.3-per-cent decline, laid out in Paul Zimnisky's global rough diamond price index, puts prices 0.6 per cent below their multiyear high, reached in early August. The current chart plateau follows a relentless 3-per-cent-monthly rise that began in early spring of 2020 and ran unabated into the early summer of 2021.
The 40-per-cent rise during that stretch put prices handily above their pre-COVID level and about 10 per cent higher than in the mid-2010s. Still, Mr. Zimnisky's index remains about 15 per cent lower than its all-time high, set in early 2011. That high was welcomed warmly by diamond miners looking for a quick recovery from the ravages of the Great Recession of late 2008 and early 2009. Unfortunately, the recovery was just a bubble, and rough prices stagnated through the 2010s despite a plethora of rosy prognostications from diamantaires and analysts.
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